Influenced by lower borrowing costs and Beijing's promotion of RMB internationalization, the scale of RMB financing by Kazakh borrowers surpassed the scale of US dollar financing for the first time. The data shows that so far this year, the size of RMB bonds issued by Kazakh borrowers has soared to the equivalent of US$3.44 billion, far higher than US$456 million in the same period in 2025. In contrast, the amount of financing in US dollars was only $3.16 billion.

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